Iowa Admin. Code r. 701-51.3

Current through Register Vol. 47, No. 6, September 18, 2024

Rule 701-51.3 - Retention of records

(1) Every corporationsubject to the tax imposed by Iowa Code section 42233. (whether or not the corporation incurs liability for the tax) shall retain its books and records as required by Section 6001 of the Internal Revenue Code and Treasury Regulation Section 1.6001 -1(e) including the federal schedules required by 701-subrule 52.3(3). For taxpayers using an electronic data interchange process or technology also see 701-subrule 11.4(4).

(2) In addition, records relating to the computation of the Iowa apportionment factor, allocable income, other deductions or additions to federal taxable income and Iowa tax credits shall be retained so long as the contents may be material in the administration of the Iowa Code under the statutes of Limitation for audit specified in Iowa Code section 42225..

This rule is intended to implement Iowa Code sections 422.25 and 422.70.

Iowa Admin. Code r. 701-51.3

ARC 9104B, lAB 9/22/10, effective 10/27/10